Asia stocks going nowhere as virus resurgence holds optimism in check

SINGAPORE - Asian stock markets ground higher on Friday , and are set to end a choppy week more or less where they began it as surging coronavirus infections cast a shadow over encouraging economic data and checked hopes for a swift global recovery.

"The market probably ran ahead of itself anticipating a smooth recovery, which has set us up for the rougher period we're now going through," said Shane Oliver, chief economist at AMP Capital in Sydney. Localised restrictions to slow the virus have now been re-imposed in parts of Lisbon in Portugal, western Germany, Australia's Victoria state and Beijing.

Foreign exchange markets have likewise stalled, as the virus' progress dents confidence in bets on further gains in hard-running riskier currencies. Moves in majors were small on Friday, with the Aussie steady at US$0.6883, up 0.8 per cent for the week, and the kiwi flat at US$0.6431 and steady for the week. The Aussie has rallied 25 per cent from March lows and the kiwi 18 per cent.

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